There are many different organizations you can be a host for.
You will generally have to provide food and a room for the exchange student, but they should come with their own spending money and paid trip.
Here are some links that you might find helpful:
http://www.rotary.org/en/StudentsAndYouth/YouthPrograms/RotaryYouthExchange/Pages/ridefault.aspx
http://www.princetonreview.com/college/research/articles/international/intstudents.asp
One of my friends has hosted exchange students for many years and really loves it. I don't know though through which agency she does the hosting.
i think you have to pay for their food. You also could be held liabilibe if something happens to them. Its alwasy not a good thing to host foreign exchange students.
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